MN HF307

Modifies property tax classification for community land trust properties owned and occupied by qualifying low-income residents, effective for assessment year 2024 and thereafter.

Owner-occupied community land trust units qualify for class 1a homestead treatment or new class 4d classification with 0.75 percent tax rate if requirements are met.

Rented community land trust units are classified as class 4a or 4b property with 1.25 percent tax rate, depending on applicability.

Community land trusts must verify initial occupants meet income criteria under Minnesota Housing Finance Agency guidelines, with verification required only at initial occupancy.

Land underlying community land trust buildings is assessed proportionally based on the classification rates of individual units within the building.